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Marketing Assignment

Extracts from this document...

Introduction

= GCSE - 2007 Introduction Hello, my name is Mr Rashidian and I am a marketing director for a new record shop my family is planning in Southgate. I am aiming for the success of this new business and will hopefully reach my target, because my family and I are aware of the risks we are taking as entrepreneurs. I am a young man who has just finished his A-levels and I always take my work and responsibilities seriously. This report shall ensure the success of the record shop for a long period of time. I will produce a marketing strategy to guarantee this plan being a success. It must meet the shop's short-term objectives as well as helping it after the initial stages. The benefits of running your own shop are that you are self-employed i.e. 'you are your own boss'. You have your own opening hours and no one to order you around except the family in my case of course. However, there is a great risk of the project failing. On the one hand approx. 50% of all businesses in the UK don't survive even the first two years. I have seen a caf´┐Ż for example called Jacob's Coffee Shop in Enfield Middlesex where I hardly saw a customer, because the prices were too high. The business hoped that customers would prefer a good service rather than a cheap price, which they have offered. This event happened almost six months ago. Now when I go there, I can see a notice saying that the building is to be sent. It is clear that this business was a big failure, because it was not familiar with its market. It did not survive even the first six months. On the other hand being your own boss means being the only one who has to pay the bills after the business fails due to your unlimited liability as a sole trader. ...read more.

Middle

The music industry should be very careful when they accuse their customers of being criminals Bill Thompson Technology consultant Other rays of light included the growth of new formats such as DVD Audio and Super Audio CDs, and a "very strong" release schedule. Technology consultant Bill Thompson said individual fans who download songs should not be branded criminals, and that the growth of the internet may not be to blame for the slump. "It's too easy for them to say that everyone who downloads is a pirate, but they should really only use that word for the larger scale organised criminals who make fake CDs and DVDs, not the home user," he said. "If the record companies had given us a properly-priced, good quality music download service instead of just trying to hold on to the CD market we would all be happier now," he said. The decline could also be explained by the fact that fewer CDs are being released and fans have finished replacing their vinyl albums with CDs, he said. This article gave loads of information that all helped me to evaluate the condition of this market. Unfortunately, things are not looking good, as customers are showing a steady decline towards music articles. It shows that the market size is reducing its sales after a reduction of already 5% to another 7%, while the number of downloads dramatically increased. Experts suggest a link between these two incidents and that music pirates are causing an incredible amount of damage to the music retail industry. The primary research that I carried out already suggested that DVDs are more commonly sold and this article also shows that the sales of music DVDs has increased by 58%, which is amazing. Our record shop will definitely focus on selling music DVDs as an important part of our product range. Although the trends show that the world's music market is steadily decreasing, the UK market seems not to have such a bad trend. ...read more.

Conclusion

people * The printing of more papers will result in additional costs * Expand into a larger premise * Being capable of storing a larger amount of stock * Being able to sell a larger amount of products which is likely to lead to increased profits * The rent will be much higher * Although the rent will be much higher, a larger premise can increase profits, which can outweigh the increased rental charges * Using more expensive types of promotion like the radio * Reaching a wider audience * The success of these types are not guaranteed, as the targeted market segment may not be particularly noticing the advertisement * More money has to be paid for more expensive promotion, but this can increase sales and thus profits * Employ an additional worker * This is likely to increase profits, as more customers can buy products at the same time * The new employee may not be motivated and may not be liked by the customers, because the employee may have a bad attitude towards his\her work * A wage has to be paid for the additional employee, but the employee may bring increased profits, which can outweigh the cost of the worker * Offering a wider range of products * A wider product range is likely to attract more customers * This can increase profits, because customers are likely to chuck in some of the additional products * Some of the products are likely to make losses * More stock must bought for the additional products, but customers like variety and probably more customers attend our business, so it is likely that sales increase and thus profits as well End of Report Appendix I used the following sources to get information for my business coursework from: * www.bbc.co.uk * www.yell.com * www.picsearch.com * School book * Teacher * Questionnaire I will also include two examples of filled out questionnaires on the following four pages. ?? ?? ?? ?? Page 1 of 64 ...read more.

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